Iron Ore Jumps Most In Four Years

Bloomberg reported iron ore prices jumped the most in four years on Tuesday as China announced plans to extend its public transportation systems.

As quoted in the market news:

Iron ore jumped the most in almost four years and derivatives rebounded from a collapse as Chinese steel mills accelerated purchases following government plans to boost spending on subways, railroads and other projects.

The commodity at the Chinese port of Tianjin rose 6.7 percent to $95 a metric ton, the largest one-day gain since December 2008, according to data from The Steel Index Ltd. Swaps to bet on, or hedge, the price in October exceeded $100 a ton for the first time in three weeks, according to Clarkson Securities Ltd., a unit of the world’s largest shipbroker.

Click here to read the full Bloomberg report.